Output, Employment and Prices in a World with Adjustment Costs PDF Download
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Author: Gil Mehrez
Publisher:
ISBN:
Category :
Languages : en
Pages : 166
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Book Description
Author: Gil Mehrez
Publisher:
ISBN:
Category :
Languages : en
Pages : 166
Get Book Here
Book Description
Author: Gil Mehrez
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper investigates the dynamics of output, employment and prices in an economy with costs of adjusting labor and prices. In an economy with non-convex adjustments costs, firms do not adjust labor and prices continuously to accommodate every shift in demand. Rather, firms adjust employment and prices discontinuously. Employment and prices are adjusted only after demand has shifted beyond a predetermined threshold. When adjustment is discontinuous, the dynamics of the aggregate economy is very different from the behavior of a single firm. The dynamics of the price level, aggregate employment and output depend in a crucial way on the firms' distribution along the inaction intervals. This paper develops a model with infrequent price and labor adjustments. The firms' multivariate distribution of prices and employment deviation from their optimal level is derived and is used to determine the dynamics of the price level, aggregate employment and aggregate output. It is shown that in such economy money is not neutral.
Author: Venkataraman Bhaskar
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 36
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Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451943555
Category : Business & Economics
Languages : en
Pages : 212
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Book Description
This paper reviews recent analytical and empirical research on the determination of employment, to provide a framework for evaluating the merits of alternative policies to cope with unemployment. Particular emphasis is placed on the mechanisms of employment and wage determination described in recent studies. The lack of any systematic relationship between countries' long-run growth and employment performances reflects the fact that output per person employed (labor productivity) or, conversely, the labor intensity of production, has developed quite differently across countries. The main mechanism through which the rise in real wages has prevented greater employment gains in Europe over the past ten to fifteen years seems to have been a substitution of capital for labor which has lowered the labor intensity of production significantly more than in the United States. There are a number of important caveats with respect to the apparent relationship between differences in employment and labor cost developments across countries.
Author: Daniel S. Hamermesh
Publisher:
ISBN:
Category : Labor costs
Languages : en
Pages : 27
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Book Description
This study examines the nature of the costs that firms face in adjusting labor demand in response to shocks induced by changes in output demand and prices. Empirical work on monthly plant-level time-series data shows that adjustment proceeds in jumps. Employment is unchanged in response to small demand shocks, but moves instantaneously to a new long-run equilibrium if the shocks are large. Results in the large literature that assumes smooth adjustment are due to aggregation of this inherently nonlinear relation over subunits experiencing different shocks. The finding has implications for cyclical changes in productivity and for examining the effects of policies such as severance pay, layoff and plant-closing restrictions, and mandatory listing of job vacancies, all of which change the cost of adjusting employment
Author: Paul Winston McCracken
Publisher:
ISBN:
Category : Economic policy
Languages : en
Pages : 68
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Book Description
In 1975 a group of independent experts was appointed to study and report on the alternative policies OECD Member countries might follow to achieve full employment and price stability. This booklet contains the summary of their report, which concentrates on the experience and problems of the major OECD countries, while making generalisations for the 'OECD area' as a whole.
Author: Claire H. Hollweg
Publisher: World Bank Publications
ISBN: 1464802637
Category : Business & Economics
Languages : en
Pages : 123
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Book Description
This report quantifies labor mobility costs in developing countries and simulates the implied adjustment paths of employment and wages following a change in trade policy. High mobility costs are shown to reduce the potential gains to trade reform.
Author: Paul Davidson
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
The economic performance of many countries deteriorated significantly in the 1990s. This book offers policy prescriptions from the post-Keynesian perspective aimed at achieving full employment without inflation. It examines issues such as speculation, financial markets, and the Euro and its role.
Author: Daniel S. Hamermesh
Publisher:
ISBN:
Category : Labor economics
Languages : en
Pages : 56
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Book Description
Author: Richard F. Gleisner
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 349
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Book Description
